PNL invests in special situation real estate debt and equity. Our mission is to find assets that are undervalued due to vacancy, deferred maintenance, bankruptcy, environmental, or weak ownership/management, We then add value by solving the problems specific to each property across multiple asset classes:• Land: Investments include the 19,534 acre Robinson Ranch in Edna, Texas, the 2,575-acre Cade Ranch with 3 miles of Gulf beachfront east of Galveston, 100 acres on the North Dallas Tollway in Frisco, Texas, the 1,475 acre Tennessee National gated community, and the 2,300-acre Mountain Creek project in Dallas. PNL has also owned 5,300 acres in upstate New York sold to the Trust for Public Land and 50 acres with a mile of frontage on I-93 in Boston sold to Avalon Bay. • Office Buildings: PNL has owned a variety of office buildings including RadioShack’s former 1.2 MM Tandy Center which we renovated into City Place in Fort Worth, 2100 Ross Avenue, an 843,000 square foot tower in downtown Dallas owned with a Canadian investment group, and have renovated scores of office buildings from Winnipeg and San Antonio to Columbus and California.• Residential: PNL was also a lender with a majority profits interest in a 183-unit high rise condominium in Toronto. We hold, or have held mortgages on nearly 8,000 apartment units across the U.S. • Industrial: We owned a 400,000 square foot industrial development in Pomona, a 300,000 square foot biotech facility in Durham, a class A 122,000sf industrial and office facility in Las Vegas, the 200,000 sf former Waring Blender manufacturing headquarters near Hartford, repurposed to retail and industrial uses, and have more recently had many flex properties.. • Retail: PNL has owned or held mortgages on more than 30 strip centers, community centers and small malls. These include the 96,000 square foot Dolphin Plaza center we redeveloped in Miami, a mortgage on the 350,000 square foot Orange Fair Mall in Orange, California,

Structured and placed real estate debt and equity for both internal accounts at LaSalle Partners and external clients including corporations, developers and governmental entities. Our largest assignment, while I was there, was as lead advisor on the $1.4 billion National Land Fund for the Resolution Trust Corporation.

The Real Estate Capital Markets Group at Goldman was the first on Wall Street and was formed to bring the capital markets tools and access of GS to our real estate clients. We pioneered bringing large scale Japanese debt and equity investment to U.S. properties in the mid 1980s, and introducing Eurobonds, commercial paper, interest rate swaps and financial guarantees to expand the sourcing and lower the cost of capital to the real estate sector. Also headed the European real estate effort out of London in 1987 and 1988.